GBPJPY, corrective cylce (wave 2) will end soon. Potential long

The GBPJPY is inside a corrective cycle that started on June 2022.

It is doing a WXY structure in the primary degree (green) and we expect that it will be doing another bearish cycle in a lower degree cycle (minor degree) until it reaches, at least, the 158.944 level.

We will be monitoring this pair to look for long opportunities once the 158.944 level is reached as our swing trade.

Comment:

Typo error in the title: It is not the end of wave 2. it is the end of wave 4.

Order cancelled:

Trade setup cancelled as the channel has been broken. Using the correlation with the other JPY pairs, it seems the wave IV (cycle degree) has ended. That will only be confirmed when the price brake the 168.9 level.

Trade safe and see you in the next trading opportunity